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Amendment of section 49.

Clause 25 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 25 - 25. In section 49 of the Income-tax Act,- (a) in sub-section (1), in clause (iii), in sub-clause (e), after the word, brackets, figures and letter clause (vib) , the words, brackets, figures and letter or clause (vic) shall be inserted with effect from the 1st day of April, 2018; (b) after sub-section (2AD), the following sub-section shall be inserted with effect from the 1st day of April, 2018, namely:- (2AE) Where the capital a .....

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l fund scheme, became the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units in the consolidating plan of the scheme of the mutual fund. ; (d) in sub-section (4), after the words, brackets, figures and letter or clause (viia) at both the places where they occur, the words, brackets and figure or clause (x) shall be inserted; (e) after sub- .....

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e cost of acquisition of such specified capital asset shall be deemed to be its stamp duty value as on the last day of the second financial year after the end of the financial year in which the possession of the said specified capital asset was handed over to the assessee. Explanation.-For the purposes of this sub-section, stamp duty value means the value adopted or assessed or assessable by any authority of the State Government for the purpose of payment of stamp duty in respect of an immovable .....

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all be deemed to have been inserted with effect from the 1st day of June, 2016, namely:- (8) Where the capital gain arises from the transfer of an asset, being the asset held by a trust or an institution in respect of which accreted income has been computed and the tax has been paid thereon in accordance with the provisions of Chapter XII-EB, the cost of acquisition of such asset shall be deemed to be the fair market value of the asset which has been taken into account for computation of accrete .....

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perty acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the assessee, as the case may be. It is proposed to amend sub-clause (e) of clause (iii) of said sub-section (1) so as to include the transfer referred to in clause (vic) of section 47 also within the purview of the said sub-section (1). It is further proposed to insert a new sub-section (2AE) in the said section so as to provide that where the capital asset, being equity share .....

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that where the capital asset, being a unit or units in a consolidated plan of a mutual fund scheme, became the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the unit or units in the consolidating plan of the scheme of the mutual fund. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2 .....

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